Glencore Xstrata To Close Nickel Mine; India, LME Prices Rise

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Glencore Xstrata has decided to suspend operations at its Falcondo nickel mine in the Dominican Republic. The change is due to falling nickel prices.

“Wednesday’s announcement came a day after legislators created a national park on the outskirts of the mine, although the company said its decision was not related to environmental pressures. A spokesman for the Switzerland-based company said the mine will be shuttered temporarily for up to three years resulting in the loss of up to 1,000 jobs,” reports Reuters.

The cash price of primary Indian nickel saw the biggest upwards shift for the day, rising 4.5 percent on Wednesday, October 2. The nickel 3-month price saw a 0.9 percent decline on the LME to $13,800 per metric ton. The spot price of nickel weakened by 0.8 percent on the LME, settling at $13,735 per metric ton.

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Chinese stainless steel prices closed flat for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat. The price of Chinese ferro-moly continues to hover for the fifth day in a row.

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The price of Chinese 316 stainless coil remained essentially flat. The price of Chinese 304 stainless coil saw little movement. The price of Chinese 316 stainless steel scrap was unchanged. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat. The price of Chinese primary nickel saw little movement on Wednesday.